and Thank Kevin, everyone. you, morning, good
Andrews, Kirk Chris we Also Operations. Officer. and Financial morning of on and Chief Mass this Killinger, Elizabeth have questions, our Head available Head call me for is of Joining Moser, Business; the Retail
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left Our evolution generation side the has of led shown the fleet, on slide. to right-size us our as
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want to this in leave before how putting cash So, conversation by can discussion, Day our I much perspective summarize I strengthened our just Analyst generate. platform
our put more $X.X we reinvestment our excess to billion growth XXXX today from in at flow XXXX. it For purely would if through illustrative cash hurdle than billion double to $X our purposes, into target rate, were free cash before
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ERCOT with our I'm to on starting markets, X. slide moving Now,
retirements finally margins. risk of the build, reserve years, Over persistent prices. the we about generation, Last slowdown in past highlighted few tightened the megawatts significant we retirement coal the of which low uneconomic given of new power and year, saw X,XXX
XX%. As Prices result, summer summer a the we margin hour. entering on-peak responded at have accordingly with per reserve megawatt are trading prices about lowest currently record this around at with on $XXX
and ERCOT long XXXX, portfolio for expected Moving with the our balance XX% to generation well-positioned hedged. the of slide, leaning is right side only the of generation in of
priced-load On our the XXX% are the of we against side, XXXX. or over little for balance hedged a retail contracted
this feel position that good is our for very high taken we and have For prices. specifically, well-positioned ensure I the business steps about to summer our
let's generation talk first, fleet. our about So,
the are long into leaning We going summer.
expectation worked times, ensure high given of the hard purchased impact increased prices. the season We mitigate spring have run can this insurance And units have to unplanned our to outage outage we of withstand outages.
hedged of load. high generation have up and internal And and is fully have as the retail, as This made the cross we market manage matter of also out against options but we retail where done our loads we Second, only hedges is price past, money a conditions. business, priced-retail our and not purchases. to high of policy, in against by purchased
benefit provide to to am have proactively working integrated the business customers and tools strengthen summer are we our from comfortable them bills. I this prices manage their with taken our steps should materialize. we to energy with and to upside educate position very and Finally, options
I slowdown auction this a PJM in is announced the new terms But will X; provide be slide this market on planning of to wanted east tightening. X deactivation still year. how the XXXX-XXXX over later auction there to saw and uncertainty out year held will turning few gigawatts list retirements added on a now play So to observations. bills in the and of Last capacity for these briefly month, PJM
not economically As you reliability are and seeking viable. needed compensation generators plants for that for are not are aware, some
competitive be While for market. there necessary confident see proposition. some rationalization we market entities And step healthy capacity are run, grasping short we towards will a the a a are in value support as first bailout the that continued
positioned and stakeholders given diversity well competitive regulators markets, our our and We low pricing for to and remain over action the the across financial location well-functioning work markets. that reform fuel of I we PJM, With pockets. for turn continued risk it Beyond integrity our portfolio our to calls will will optimistic summary. continue is maintain near with to about Kirk and
